Research On Fiscal And Tax Policies Supporting Technological Innovation Of New Energy Industry

Energy is essential to the national economy,people’s livelihood,and national security.At present,a new round of scientific and technological revolution and industrial transformation is gradually deepening,and global climate governance is beginning to take on a new situation.New energy and information technology are closely integrated.The future development trend of energy is becoming increasingly clear,and the technical requirements are becoming increasingly prominent.We have stood at the dividing point of historical development.If energy reform is not done well,irreparable losses will be caused.Moreover,the "dual carbon" strategy proposed by China is gradually being implemented,which is also an important support for promoting high-quality economic and social development.The report of the 20 th National Congress of the Communist Party of China(CPC)put forward a series of important discussions on energy development,such as "greening and low carbon are the key links to achieve high-quality development",which provides more powerful support for us to further promote the energy revolution and strengthen the integrated application of new energy and information technology.The new energy industry is currently an emerging industry that is focused on both at home and abroad.It is a key industrial chain that integrates the latest technological level.Through representative industrial practices(photovoltaic,battery,automobile,etc.),it has made outstanding achievements on the path of industrial development,becoming an important pole leading the global economic development.It is also the key to competition between countries and between regions.As an important booster for promoting high-quality economic development in China,the new energy industry can play a more active role and have a more prominent impact in promoting the construction of a modern industrial system and promoting the transformation of green development methods.Moreover,in recent years,the price of new energy brought about by technological innovation has dropped significantly,promoting the new energy industry represented by photovoltaic,battery,automobile,etc.to quickly become synonymous with efficiency and new technology,and to shine brightly in the international market.Returning to the development of China’s new energy industry,it is really taking advantage of this new industrial upgrading opportunity that China has proposed a "dual carbon" strategy,promoting the close integration of relevant high-tech in the field of technological innovation,and taking technological innovation and industrial development in the new energy industry as an important link in achieving China’s economic development and overtaking in the global industrial chain.Of course,the development of the new energy industry is not so smooth,and the cost,investment,and technical challenges faced by emerging industries also exist.Therefore,technological innovation has been listed as the primary task to promote the rapid development of the new energy industry.The progress of technological innovation in China’s new energy industry is obvious to all,but there is still a gap between China and western developed countries in basic technological research.We also need to focus on key core technologies in the field of new energy,increase investment from all parties,and provide strong scientific and technological support for promoting the development of the new energy industry.It can be seen that the demand for technological innovation in the new energy industry is urgent,with heavy tasks and long obstacles.Technological innovation in the new energy industry has important significance for the development of China’s new energy industry.Only with advanced technology can China’s new energy industry remain competitive in the increasingly competitive international market.Technological innovation in China’s new energy industry has obvious problems such as high risk,few achievements,and weak capabilities.High risk is reflected in high investment in technological innovation,unpredictable losses,and high uncertainty in the innovation process.This is also one of the reasons why it is difficult to achieve breakthroughs in relevant technologies in the field of new energy.There are also significant deficiencies in the ability of research institutions in relevant universities to tackle key issues,which are manifested in the lack of key technologies,lack of scientific and technological talents,and difficulties in the transformation of achievements,which greatly hinder the pace of technological innovation in the new energy industry.As an important means of national macroeconomic regulation,fiscal and tax policies should better play their regulatory and control functions in supporting technological innovation in the new energy industry.Therefore,in order to further verify the important supporting role and specific impact of China’s fiscal and tax policies on the new energy industry and its technological innovation capabilities,this article selects the research on fiscal and tax policies supporting technological innovation in the new energy industry as the theme for in-depth research.This article focuses on supporting financial and tax policies for technological innovation in the new energy industry,with the main goal of promoting the ability and level of technological innovation in the new energy industry.Multiple regression analysis,breakpoint regression,and propensity matching score methods are comprehensively used to analyze the policy effects of financial and tax policies in technological innovation in the new energy industry,and to explore the main ways for financial and tax policies to promote high-quality development of technological innovation in the new energy industry.On the basis of clarifying the basic concepts of the development and technological innovation of the new energy industry,this paper elaborates on the theoretical basis and basic mechanism of financial and tax policy support,and proposes the basic research hypotheses of this article;Comprehensively review the basic situation of China’s new energy industry development,analyze the evolution trend of technological innovation in the new energy industry,and propose the practical problems faced by the new energy industry and its technological innovation.Systematically sort out China’s financial and tax policies supporting technological innovation in the new energy industry,and combine them with the latest situation to clarify the problems in the financial and tax policies supporting technological innovation in the new energy industry.On the basis of clarifying the theoretical and practical basis for financial and tax policies to support technological innovation in the new energy industry,further clarifying the influencing factors of technological innovation in the new energy industry,focusing on the support required by the new energy industry as a key industry direction in terms of fiscal and tax policies.Empirical analysis was conducted by selecting a single fiscal policy,a single tax policy,and a comprehensive effect of fiscal and tax policies.The conclusion made clear the significant positive effect of fiscal policy or tax policy on technological innovation in the new energy industry alone,and the comprehensive analysis results of incorporating the level of financial subsidies and tax incentives into the same economic model also showed that fiscal policy can play a significant positive impact.In order to further explore the actual policy effects of fiscal and tax policies and their specific operating mechanisms,the subsequent analysis will be based on the specific content of fiscal subsidies and tax incentives,fully considering the different characteristics of fiscal subsidies and tax incentives to conduct in-depth research.Selecting break-point regression analysis method to conduct empirical research on the effect of fiscal policy on supporting the development of technological innovation in the new energy industry.Based on relevant data of new energy enterprises from 2012 to 2021,as well as the analysis of fiscal subsidies and technological innovation capabilities,the specific degree of policy effect that fiscal policy can play in supporting technological innovation in the new energy industry is determined.Based on the characteristic of declining behavior in fiscal subsidy policies,this article further verifies the hypothesis that fiscal policy can significantly positively affect technological innovation in the new energy industry.Hypothesis 2b: In the long run,the effect of fiscal policy has a certain lag.Choosing to make breakpoint judgments based on the decline behavior of fiscal subsidy policies,it was found that there was a fiscal policy breakpoint phenomenon from 2017 to 2020,verifying the actual impact of fiscal subsidy decline behavior.The break-point regression results for 2017,2018,2019,and 2020 all show that the basic assumption 2a exists and is reasonable,that is,fiscal policies can significantly positively affect technological innovation in the new energy industry,and this impact can also achieve a "1+1>2" effect to a certain extent.However,from the results of heterogeneity testing,it was found that fiscal subsidy policies have significantly weakened in some years,confirming the existence of the basic research hypothesis 2b in this article.The results of this chapter based on the break-point regression analysis method confirm the existence of fiscal policy effect intensity and the effect of "1+1>2".The propensity matching score method(PSM-DID)was chosen to conduct empirical research on tax policies supporting the development of the new energy industry.Based on relevant new energy enterprise data from 2012 to 2021 and analysis of tax incentives and technological innovation capabilities,the specific degree of policy effects that tax incentives can play in supporting technological innovation in the new energy industry was determined.Based on the direct nature and comprehensive coverage of tax policies,this article further validates the basic research hypothesis 3a: tax policies can significantly positively affect technological innovation in the new energy industry,and hypothesis 3b: tax policy effects have significant positive effects in both the long and short term.The propensity matching score method analysis was conducted on the basis of three types of tax incentives: Corporate Income Tax(CIT),Consumption Tax(ET),and Auto purchase Tax(APT).The results showed that whether fully or partially enjoying the tax preferential policies,it can be found that the tax preferential policies have a significant positive impact on technological innovation in the new energy industry,Moreover,based on time span analysis,it was found that tax preferential policies are not affected by time periods,and can have a positive promoting effect in both the long and short term.Based on the results of normative and empirical analysis,suggestions and supporting measures for supporting the financial and tax policies of the new energy industry are proposed.Firstly,optimize the scope of the fiscal subsidy policy framework.The second is to establish long-term and efficient tax policies for industrial development.The third is to fully leverage the primary driving force of technological innovation.The fourth is to comprehensively enhance the modernization level of the industrial chain.The fifth is to optimize the structure of the new energy industry.Sixth,improve the system for tackling key core technologies.The innovation points of this article are unfolded from the following three aspects.Firstly,from a research perspective,the new energy industry,which is at the forefront of technological innovation,is selected as the research object.By using the pre analysis method,the important impact of fiscal and tax policies on the improvement of technological innovation level in the new energy industry is first clarified,and the impact of fiscal and tax policies is determined in the form of practical empirical analysis conclusions,To provide more intuitive evidence for the role that fiscal and tax policies can play in supporting technological innovation in the new energy industry.Then,empirical analysis is conducted on the policy effects supporting technological innovation in the new energy industry from three perspectives: fiscal policy effects,tax policy effects,and the comprehensive effects of fiscal and tax policies.The aim is to obtain more accurate and comprehensive conclusions supporting technological innovation and development in the new energy industry from multiple perspectives.The research perspective of the above two steps no longer assumes that fiscal or tax policies have a significant impact on the new energy industry and its technological innovation,and is more scientifically reasonable in relevant empirical analysis.Secondly,in terms of research methods,this article chooses a more practical empirical analysis method,breaking the limitations of qualitative and quantitative analysis.The qualitative analysis based on basic theory provides support for the quantitative analysis selected in this article,and a more suitable empirical analysis method was selected based on the different stages faced by the development of the new energy industry and the different characteristics of the fiscal and tax policies adopted,including break-point regression analysis method and propensity matching score method.The break-point regression analysis method used in the empirical analysis of the effects of fiscal policies supporting technological innovation in the new energy industry is mainly based on the obvious regression behavior of fiscal policies in the field of new energy industry,especially in recent years when fiscal policies have fully demonstrated the regression effect.This type of fiscal subsidy policy has a significant trend of change every year,which is more suitable for breakpoint regression analysis,Based on changes in inter annual behavior,the degree of policy effects can be more accurately measured.The propensity matching score method used in the empirical analysis of the tax policy effects supporting technological innovation in the new energy industry is based on the representative characteristics of R&D expense deduction policies and vehicle purchase tax in tax preferential policies.The optimal method that takes into account the irregular policy preference range changes and the sustainability characteristics of a single tax preferential policy in the propensity matching score method is to comprehensively consider the characteristics of the policy,This further enhances the scientific nature of the research results in this article.Finally,in terms of research content,this article is based on new energy enterprise data from 2012 to 2021,as well as data related to technological innovation,fiscal policies,and tax policies.This is not limited to data related to listed companies(mainly obtained through public information data and relevant professional institution enterprise databases),At the same time,based on the research in this article,it is extended to data on high-tech enterprises in some countries(mainly obtained through field investigations conducted in the research topic of this article and data from industrial parks in some regions).This paper uses public data and field survey data to form the basic content of this study,which fully reflects the universal representativeness of the new energy industry.The extensionality of the research content should be more abundant,providing new practice for the expansion of related research content.